Steppe Gold Limited (TSX:STGO) (OTCQX:STPGF) is regarded as one of the premium gold and precious metals firms that operates its activities primarily in Mongolia. Steppe Gold Limited recently projected that it was going to produce as much as 100,000 ounces of gold from its ATO Gold Mine in the 2022–23 period.
The company also announced that it had concluded a feasibility study with regard to the potential expansion of the ATO Gold Mine. Steppe Gold noted that in the case of an expansion of that nature, it could possibly add as much as 100,000 ounces of gold by way of the development of the fresh rock cores that may be underlying.
Not too long ago, Steppe Gold provided an update with regards to its operations after the conclusion of the second quarter. The company revealed that financing for the expansion of its mine had been secured. That was a significant new development for the company.
Additionally, in the second quarter, the company produced a total of 6663 ounces of gold, and Steppe Gold went on to note that the production level kept it on course to hit the yearly production target of 25,000 to 30,000 ounces. It was also announced that Steppe Gold had also made plans to acquire more licenses in Mongolia. It was further noted that work on the technical report for the Tres Cruces project in Peru had also kicked off.
On July 17, the company announced that it had secured the funding for the expansion on July 11, and the focus of Steppe Gold had hence turned to the EPC arrangements soon after as well as the deployment of the funds. The company noted that $50 million from the initial tranche of funding was going to be made available by the end of July 2023.